New
energy taxes soon
PORT SPAIN
Petroleumworldtt.com
03 02 08
ENERGY MINISTER Conrad Enill yesterday said the
Government could have a new energy tax regime in
place by the start of the second quarter.
Enill said the tax regime must be tailored to
meet the needs of the marginal fields, the deep-water
and heavy oil blocs and would be in place for bid
rounds in the North and South East marine coasts
later this year.
He
stated this at the South Trinidad Chamber of
Industry and Commerce’s 2008 Petroleum Conference,
Hilton Trinidad, St Ann’s yesterday. An independent
consultant has been hired to examine energy taxes.
“It is now the second week of consultations
with the industry and I expect the results of that
should be available to us by the end of the first
quarter. We’re moving very aggressively to
get those matters dealt with so we could have a
regime in place by the beginning of next quarter,” said
Enill.
With the oil and gas audits to be completed, Enill
yesterday said Trinidad and Tobago still possessed
substantial heavy oil reserves which remained unexploited.
“It
is estimated that there are 100 million barrels
of oil in place remaining to be produced
in the on-shore area... heavy oil in the offshore
areas range from 2,600 million barrels to 5,000
million barrels.”
The Government is also expected to hire a consultant
to develop a natural gas governance framework,
given that the Petroleum Act was principally designed
to treat with oil operations.
Story from Trinidad & Tobago
Newsday
Trinidad & Tobago Newsday
Tuesday, February 26 2008
Copyright© 2008
respective author or news agency. All rights
reserved.
We welcome the use of Petroleumworld™ stories
by anyone provided it mentions Petroleumworld.com
as the source. Other stories you have to get authorization
by its authors.
